Dublin businessman ordered to pay Revenue €7 million after underdeclaring tax

Revenue publishes details of 100 latest tax settlements, totalling €24.7 million

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A company director has reached a €7 million settlement with the Revenue Commissioners over underdeclared tax. 

Michael Murphy of Highfield Road in Rathgar, Dublin 6, was named in the latest Revenue list of tax defaulters following an offshore assets probe.

He was ordered to pay a bill of €2.39 million in back taxes, as well as €2.82 million in interest and €1.79 million in penalties.

Two other businessmen were listed on the register as having made settlements of over €1 million.

Retired company director John Tierney of Knapton Road in Dún Laoghaire, Co Dublin - who was also subject to a Revenue offshore assets investigation - paid back €1.48 million.

Company director James Spollen of Clara Road in Tullamore, Co Offaly, was meanwhile hit with a €1.04 million bill.

The list of tax defaulters covers 100 cases settled between January and March 2016.

Of these, 52 were for amounts exceeding €100,000, with six shelling out over €500,000.

A total of €24.7 million was paid by defaulters over the three-month period.

Over 1,500 Revenue audit and investigations were settled during the same time, yielding €155.28 million in tax, interest and penalties.

Settlements are only published when a tax default is deemed to be deliberate or careless, and voluntary disclosure options have not been availed of, according to Revenue.